News

The cost of naming your house

HOUSEHOLDERS who have changed the name or number of their properties could be turned down for a current account or mortgage because it lowers their credit scores.

Experian, the credit reference agency, has warned that discrepancies can occur between the Royal Mail postcode file, which registers addresses, and the electoral roll. One bank, which did not wish to be named, said that about half its current account applications had been rejected since May because of problems with addresses.

You can change the name of your property provided you obtain approval from the local council. In most cases, a change is accepted only if the house has a name, but numbers can be swapped for names in some cases.

Councils apply the changes to the electoral roll, which is used by credit reference agencies to identify individuals, but they do not have to inform Royal Mail.